Barclays creates senior team to explore crypto trading

Three senior execs investigating how UK bank can integrate a digital assets trading desk into its markets business

Barclays has created a crack team of senior staff to explore how it can start trading cryptocurrencies, as more large investment banks look for ways take advantage of the fast-growing sector.

The UK lender has moved its global head of energy trading, Chris Tyrer, into a full-time role leading a so-called ‘digital assets project’ which will look into how it can integrate a digital assets trading desk into its markets business, despite recent concerns raised by its chief executive Jes Staley.

Tyrer, who joined Barclays in 2015 from commodity trading firm Mercuria, is working alongside Marvin Barth, head of FX and emerging markets macro strategy, and Dr Lee Braine, a senior technologist in its investment bank who has led a team working on blockchain technology at the bank since 2015, according to two people close to the situation.

A Barclays spokesman referred to an earlier statement saying that the bank had no concrete plans to start trading cryptocurrencies but constantly monitored developments in the space.